British independent music marketing and distribution firm 3MV has ceased trading. Until recently, the company counted Ministry of Sound, Rough Trade, V2 and Palm Pictures among its clients.
British independent music marketing and distribution firm 3MV has ceased trading.
Until recently, the company counted Ministry of Sound, Rough Trade, V2 and Palm Pictures among its clients.
London-based chartered accounting firm David Rubin & Partners has been appointed administrators of the business. "My advice has been the companies trading under the 3MV label are insolvent and need to go into liquidation," says Paul Appleton, managing partner of David Rubin & Partners. A creditors' meeting will be held April 30.
3MV co-founder Dave Trafford confirms the company's closure in a statement. "3MV is a victim of the diminishing margins in sales and distribution," Trafford says. "The market has grown tougher, and the business model that has previously worked for us is viable no longer. Our situation has been compounded by the loss of a number of key clients in the last year."
It is unclear how many jobs will be affected by the closure. Neither 3MV nor its administrators would comment further.
Billboard.biz understands that prior to the closure, 3MV had been in talks with British distributor Pinnacle on a buyout. Until now, Pinnacle handled the majority of 3MV's physical fulfillment. Calls to Pinnacle were not returned at deadline.
Founded in the early '90s by Trafford and Max Kenny, 3MV has distributed such labels as Nude, Rhythm King, Mushroom and Creation Records.